Sprott Physical Silver Trust Prices Follow-on Offering of Trust Units in an Aggregate Amount of US$269,575,000
November 09 2012 - 9:22AM
Marketwired
Sprott Physical Silver Trust (the "Trust") (TSX:PHS.U)(NYSE:PSLV),
a trust created to invest and hold substantially all of its assets
in physical silver bullion and managed by Sprott Asset Management
LP, announced today that it has priced its follow-on offering of
20,500,000 transferable, redeemable units of the Trust ("Units") at
a price of US$13.15 per Unit (the "Offering"). As part of the
Offering, the Trust has granted the underwriters an over-allotment
option to purchase up to 3,075,000 additional Units. The gross
proceeds from the Offering will be US$269,575,000 (US$310,011,250
if the underwriters exercise in full the over-allotment
option).
The Trust will use the net proceeds of the Offering to acquire
physical silver bullion in accordance with the Trust's objective
and subject to the Trust's investment and operating restrictions
described in the prospectus related to the Offering. Under the
trust agreement governing the Trust, the net proceeds of the
Offering per Unit must be not less than 100% of the most recently
calculated net asset value per Unit of the Trust prior to, or upon
determination of, pricing of the Offering.
The Units are listed on NYSE Arca and the Toronto Stock Exchange
under the symbols "PSLV" and "PHS.U", respectively. The Offering
will be made simultaneously in the United States and Canada by
underwriters led by Morgan Stanley and RBC Capital Markets in the
United States and RBC Capital Markets and Morgan Stanley in
Canada.
Copies of the U.S. prospectus related to the Offering may be
obtained by contacting Morgan Stanley & Co. LLC, 180 Varick
Street, 2nd Floor, New York, New York 10014 Attention: Prospectus
Department (telephone 866-718-1649 (toll free) or 917-606-8474) or
by e-mailing prospectus@morganstanley.com, or RBC Capital Markets,
LLC, Attention: Prospectus Department, Three World Financial
Center, 200 Vesey Street, 8th floor, New York, New York 10281-8098
(telephone: 212-428-6670, fax: 212-428-6260). Copies of the
Canadian prospectus related to this Offering may be obtained by
contacting RBC Capital Markets, Attention: Distribution Centre, 277
Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax:
416-313-6066) or Morgan Stanley & Co. LLC 180 Varick Street,
2nd Floor, New York, New York 10014 Attention: Prospectus
Department (telephone 866-718-1649 (toll free) or 917-606-8474) or
by e-mailing prospectus@morganstanley.com. The Offering in Canada
is only being made by the Canadian prospectus, which includes
important detailed information about the Units being offered.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the Units, nor shall there be any
sale of the Units in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
Contacts: Investor Contact Information: Sprott Physical Silver
Trust (416) 203-2310 or Toll Free: 1 (877)
403-2310bullion@sprott.com